Kent Exploration Inc.
TSX VENTURE : KEX

Kent Exploration Inc.

December 17, 2010 19:37 ET

Kent Exploration Inc.: Final Tranche Private Placement Closed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2010) - Kent Exploration Inc. (the "Company") (TSX VENTURE:KEX) announces that, subject to acceptance for filing of the final documentation by the TSX Venture Exchange ("TSX-V"), it has closed the final tranche of its previously announced, up to 9,000,000 Unit non-brokered Private Placement, of 2,580,000 Units for gross proceeds of $309,600. The 1st Tranche of 2,973,000 Units (the "Units") at $0.12 per Unit for gross proceeds of $356,760 closed on November 22, 2010 and the 2nd tranche of 2,540,000 Units for gross proceeds of $304,800 closed on December 13, 2010.

Each unit consists of one (1) common share and one (1) non-transferable common share purchase warrant. Each warrant is exercisable for a period of two (2) years from closing and will entitle the holder to purchase one additional common share in the capital stock of the Company at a price of $0.18 per common share for the first year and $0.22 per common share for the second year. Shares subscribed for in the Private Placement are subject to a four (4) month plus one day hold period.

Finder Fees consisting of 250,000 compensation options (the "Compensation Options") and $30,000 in cash was paid pursuant to the policies of the TSX-V. Each Compensation Option will entitle the holder to purchase one Unit of the Company, which consists of one (1) common share and one (1) non-transferable common share purchase warrant, for a period of 12 months from the date of issuance at a price of $0.12 per Unit.

Kent Exploration Inc is a junior exploration company that has an Option Agreement to earn 100% of Teck Australia Pty Ltd.'s interest in Chalice Gold Mines Limited's Gnaweeda Gold Project in West Australia, subject to a 75% back-in right to Teck and has acquired the Alexander River, Paparoa and Lyell gold projects in the highly prolific Reefton gold field in New Zealand.

The Company has an option to earn a 100% interest in the Silver Hills property, a silver/lead/zinc prospect in south-eastern British Columbia, and has a 100% interest in the Courtney Lake property, a silver/lead/zinc prospect in north-east Saskatchewan. The Company has a 100% interest in Coal Prospecting Permits covering approximately 92,000 ha in east-central Saskatchewan, a 100% interest in a mining lease option on the Flagstaff Mountain property, a gold/silver/zinc/barite prospect in eastern Washington state, a 100% interest in the mining lease option on the Ivanhoe Creek property, a Midas-style gold/silver target in Nevada's Carlin Trend, and 50% of a 100% interest in the Ivanhoe Creek placer claims covering a bentonite deposit.

This News Release has been prepared on behalf of the Kent Exploration Inc. Board of Directors, which accepts full responsibility for its contents.

ON BEHALF OF THE BOARD

Graeme O'Neill, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Kent Exploration Inc.
    Graeme O'Neill
    President
    604-684-3394 or Toll Free: 1-866-399-6539
    1-888-282-7763 (FAX)
    www.kent-exploration.com